The Mortgage Observer has learned exclusively that Capital One Bank has provided a $60 million loan to Jamestown Properties to finance its recent acquisition of 325 Hudson Street, bought in April for $110 million from a joint venture of Young Woo & Associates and San Francisco’s Bristol Group.
The loan closed Friday afternoon, and although Jamestown declined to comment, Ben Stacks, Capital One’s market manager for Greater New York Commercial Real Estate Banking, said it put the permanent financing on the building following Jamestown’s all-cash purchase of it in April.
“It was an approximately $60 million loan,” Mr. Stacks said. He added that the loan is for a five-year term. “It represents another in a line of deals that we’ve done with Jamestown. We’re very excited about our relationship with them. We view them as one of our top-tier clients and we anticipate doing more business with them in the future.”
Jamestown added the 240,000-square-foot Hudson Square property to a New York portfolio that includes Chelsea Market, 530 Fifth Avenue and One Times Square. Tenants at the tech-friendly building include Empire State College, Verizon and Level 3 Communications.